All Forum Posts by: Jack V. Ospina

@Carl Payne There are many other options besides Airbnb with furnished properties. Depending what part of the city your property is located you can target the local hospitals and med students, Universities with incoming fall students, etc. Maybe rent each bedroom individually. Unlimited potential. Have been doing this for years. Don't know what type of properties you have or where it is located but there is a market out there. Good luck!

I ran and operated numerous short term rental properties successfully between 2007-2015 wayyy before Airbnb became so popular and everyone in every corner decided to do this as a form of extra income. I don't blame them but I also knew the income was just icing on the cake and you can't ever rely on icing on the cake as a form of stability. The money was fantastic but the stress level and demand was not and the city started getting wiser. I got out at the right time and focused more on long term rentals. I'm so glad I did. I feel for all the people with empty units right about now!

@Kimberly Carias First get prequalified with a preliminary estimate of what your monthly mortgage would look like and then start searching for properties within your qualification limit. Nobody knows what will happen with prices so have your realtor do a CMA on each property to make a proper offer. I've known people to wait for prices to drop for years and they are still waiting. Good luck!

@Sarah Young April 30 is 5 days away. Will you be able to find a long term tenant by then? Usually takes a few days or weeks to find a quality long term tenant after screening and reviewing employment verification so this will run into mid May possibly. Probably best to sit tight and see what the May tenants do and in the meantime start promoting June as the long term available date. It's a tricky situation and you would have to adjust the dates depending what happens in May.  Good luck!

@Evan Ponssa There should be plenty of brokerages in the area that offer commission split instead of monthly fees. You can probably just search through 3rd parties instead of using the MLS and that would save you some money but I would prefer to use the MLS. One deal could just pay for the entire year of MLS usage. Good luck!

@Suzan Campbell Speak to the title company/Attorney handling the closing and they should know the next legal steps to take. If buyer breaches the contract then you should be entitled to the escrow deposit. Good luck!

@Michael Craig Try using DocuSign or Dotloop for Esignatures. Maybe they gave free trials during this time. Signatures and initials on the lease should be valid. Good luck!

@Andy Chen Should start off by reviewing the lease agreements If any that are being transferred over to you. If you are purchasing a property with a lease you should also have a Tenant Estoppel letter prior to closing to review each tenants lease, deposits, etc. 

@Yuhei Kato Yes definitely have the details on paper and have them sign it and dated. If you're the landlord then you don't have to pay the other half they just simply owe you the remaining half of the rent for April for example. An attorney should be able to assist you or you can also write the agreement on your own. 

@Yuhei Kato When you wrote the lease with your tenants you should've asked for First, Last and Deposit and properly screened the tenants before they are allowed to move in. If this is the case you would be able to apply the last months rent to the April rent which is what I did with one of my tenants. If this is not the case then yes ask them if they can pay anything because anything would help you at this point and have it in writing that they owe you X amount for the April or May rent. Also I would call the bank and let them know you are having difficulties due the corona virus and typically they will be able to defer the payment for a few months. Good luck!